Renting Vs. Buying
Are you a potential first-time homebuyer, but are wondering if you can really benefit more from owning a home over renting one? Well as your Naperville mortgage lenders, we have made a list of the top 4 reasons why buying a home is more beneficial.
1. Creative Freedom
When you own a home, you have the creative freedom to change, fix or paint anything you would like without needing authorization. You do not need permission to paint your walls whatever color you want, and you will not be fined for any alterations made to the home. When renting, your landlord has the right to deny any fixations done to the home or can fine you for anything you may have changed.
2. Long-Term Investment
One of the biggest arguments against buying a home over renting one is the monthly payments. When you rent a home, your monthly payments are just being thrown away instead of benefitting you in the long run. On the contrary, your monthly payments towards your Naperville mortgage is a long-term investment when you own a house. The more you pay towards your loan the smaller the outstanding balance of the property is, which means over time your home is building more equity.
3. Predictable Payments
When you own a home and have a fixed rate mortgage, your monthly payments will never fluctuate. This will help you budget better and know exactly how much you have to pay towards your loan every month. By renting, your landlord has the right to change your monthly payments every year—making your rent more expensive.
4. Tax Deductions
A great benefit to owning a home is the ability to have tax deductions. Every year, you can deduct your mortgage interest payments from your taxes. If you rent a home, you do not get any tax breaks.
Buying a home can be a strenuous process but it is far more beneficial than renting one. For more information on the benefits of buying a home, or to learn about your mortgage options, contact your local Naperville mortgage lender at 630.983.3604 or contact us today!
The Marino Lending Team
630.788.7859 (Mobile) | 630.983.3604 (Office)
NMLS ID #209516 | License: IL #031.0002979
847.804.1059 (Mobile) | 630.806.2870 (Office)
NMLS ID #244399 | License: IL #031.0037907
815.757.6944 (Mobile) | 630.947.0562 (Office)
NMLS ID #1542842 | License: IL #031.0045066
651 N. Washington Street
Naperville, IL 60563